Thursday, January 5, 2017

China Invests Big In 'Green Technologies'

China will plough 2.5 trillion yuan ($493 billion) into renewable power generation by 2020, the country's energy agency says, as the world's largest energy market continues to shift away from dirty coal power towards cleaner fuels.

The investment will create over 13 million jobs in the sector, the National Energy Administration (NEA) said in a blueprint document that lays out its plan to develop the nation's energy sector during the five-year 2016 to 2020 period.

The NEA said installed renewable power capacity including wind, hydro, solar and nuclear power would contribute to about half of new electricity generation by 2020.

The agency did not disclose more details on where the funds — which equate to about $98 billion each year — would be spent.